https://www.taxtmi.com/caselaws?id=751796 ITAT CHD held that the assessee's retraction of surrender made during survey, filed within two weeks and supported by affidavit, was within a reasonable time and could not be treated as an afterthought. Additions based on alleged excess stock and unexplained advances were deleted, as the survey team had incorrectly determined stock and diary notings on alleged advances were uncorroborated and unrelated to business, indicating surrender under coercion. However, the addition of excess cash of Rs. 9,25,000 found during survey was sustained. On shortage of stock treated as out-of-books sales, GP addition was upheld but GP rate was reduced to 8.02%. en-us Fri, 12 Jan 2024 00:00:00 +0530 Thu, 20 Nov 2025 15:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751796 ITAT CHD held that the assessee's retraction of surrender made during survey, filed within two weeks and supported by affidavit, was within a reasonable time and could not be treated as an afterthought. Additions based on alleged excess stock and unexplained advances were deleted, as the survey team had incorrectly determined stock and diary notings on alleged advances were uncorroborated and unrelated to business, indicating surrender under coercion. However, the addition of excess cash of Rs. 9,25,000 found during survey was sustained. On shortage of stock treated as out-of-books sales, GP addition was upheld but GP rate was reduced to 8.02%. Case-Laws Income Tax Fri, 12 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751796